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Nigeria has 42 billion barrels of Bitumen, to become net exporter – Alake tells Investors 

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Dele Alake, the Minister of Solid Minerals Development, has informed investors that Nigeria should not import bitumen given its reserves of 42 billion barrels, highlighting the country’s potential to be a net exporter. 

 Alake made this statement following the conclusion of the bidding process of the first round of Bitumen blocks bidding in Abuja.  

The Minister addressed the concessionaires in a meeting, urging them to fulfill their obligations by complying with the engagement terms and the mining act, and to acknowledge the role of host communities’ cooperation. 

The Minister further mentioned that with its abundant bitumen reserves, the country should be a net exporter to the global market. 

Moreover, Alake called on the initial round of winners of the bidding process to demonstrate outstanding performance to motivate potential investors. 

While Nigeria stands as Africa’s leading energy producer, it has struggled to make the most of its extensive mineral resources, impacted by insufficient incentives, illegal activities, low investment opportunities as well as neglect. 

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